My first home loan.

As easy as 1, 2, 3.

Our process is kept simple and easy but effective to get your loan approved. We will provide guidance and advice and equip you with all the knowledge that you need to be able to understand the finance process so you can confidently move forward and buy your first home.

Quick review.

Contact us for an initial finance review.

Send docs.

Send us a couple of your documents for assessment.

See where you stand.

After our assessment, we will present a clear picture of what your purchase budget looks like and how much you can borrow in order to finance your property purchase.

Don’t like reading much?

Just pick up the phone and contact us and we can walk you through the process and get you started!

A bit more detail.

Below are some of the topics that may help you understand the buying and home loan process better, you can never have enough information.

Deposits and Savings

Discover the amount of savings you’ll need to have when you’re ready to secure your loan.

You can buy an established property with a small deposit from 5% of the property price. If you are looking at building your new home, you will need about 10%.

For reference:

Buying an established property $500,000

5% Minimum deposit required


Building a property $500,000

10% Minimum deposit required


The First Home Owner Grant of $10,000 can also be used towards your deposit.

First Home Owners Grants

Learn about the Government’s initiatives to help new home buyers secure their first property.

When purchasing a brand new property or building a property, you will be eligible for the $10,000 First Home Owner Grant.

The Government also has a few other schemes available such as the First Home Guarantee scheme, where a minimum deposit of 5% is required and the Lenders Mortgage Insurance is waived.

Family Home Guarantee for single parents, where a minimum deposit of 2% is required and the Lenders Mortgage Insurance is waived.

Homebuyer Fund, If you have a 5% deposit, the Victorian Government could contribute up to 25% of the purchase price in exchange for an equivalent share in the property. This will save you money by reducing your mortgage and removing the need for Lenders Mortgage Insurance

Stamp Duty Waiver

Stamp duty is a tax that the Government charges when you purchase a property. When buying your first home, you may be exempt from paying stamp duty. Find out more below.

First Home buyers can buy an established property for up to $600,000 and the stamp duty will be waived. For established properties over $600,000, stamp duty will apply as per the below:

Dutiable value ($)

Normal duty ($)

Duty after concession ($)






















When buying vacant land, the value of the land itself can be up to $600,000. There is no stamp duty charged on construction, therefore there is no limit on the construction price.

Want to build?

Building a home can give you the freedom to get creative and design a property that is tailored to your needs, style and budget.

There are 2 main types of properties when it comes to construction,

1. Buying an Off The Plan property

2. Buying land and building on the land.

The main difference between these 2 is that the Off The Plan property will require the bank to fund the loan at the time that the property is fully completed. Whereas land and construction will require a construction loan that gives you access to money progressively as different stages of the house are completed. This is referred to as progress payment.

Click here to discover our Land & Construction services for loans.

Repayment Types

Once your loan has been approved and settled, you will need to make home loan repayments to the bank. The repayments schedule can be set by you as monthly, fortnightly or weekly based on your preference. 

To understand the 2 main repayment types with the banks, you must first understand what is principal and what is interest. 

  1. The principal of your home loan is the amount of money you borrow from your bank.

  2. The interest is the cost charged by the bank to you to borrow this money

Principal and interest repayments mean that you will be paying both the interest charge and the principal which is the loan itself back to the bank. 

Example: Your home loan balance is $200,000 and the repayment is $2200 per month 

The interest is $1200 and the principal is $1000 per month. 

After your home loan repayment of $2200, your home loan balance will reduce to $199,000.

Interest-only repayments mean that you are only paying the interest charges to the bank.

This means that your home loan repayments will be lower every month which can help with cash flow management. 

In the example above, as you are paying interest only, your monthly repayment will only be $1200 per month.

What is Lenders Mortgage Insurance (LMI)?

Lender’s Mortgage Insurance or LMI for short is a one-off insurance premium that the bank will charge to you if you do not have a 20% deposit when buying a property.

Example: If you buy a house for $500,000, a 20% deposit would be $100,000.

If your deposit is less than $100,000, LMI will be applicable.

The LMI will be calculated based on how much deposit you have.

If you have $90,000 > LMI may be $2,000

If you have $50,000 > LMI may be $8,100

*figures are indicative only

Understanding Conveyancers

Learn what a conveyancer is and the services they provide below.

A conveyancer will assist you to review your contract of sale whether you are looking at buying an established property or a vacant block of land and provide legal advice to you before you sign the contract.

At the time of settlement, the conveyancer will also act on your behalf to transfer the title from the seller into your name and advise you of any legal advice along the way.